Emaar Development Reports 50% Surge in Property Sales in Q1 2024, Launches Major Developments
Dubai: Emaar Development PJSC, a key player in the UAE’s real estate sector and a subsidiary of Emaar Properties PJSC, has unveiled impressive financial results for the first quarter (Q1) of 2024, showcasing a robust 50% increase in property sales compared to the same period last year.
The company’s Q1 2024 property sales soared to AED 12.9 billion (US$ 3.5 billion), demonstrating Emaar Development’s resilience and agility in navigating market dynamics and meeting evolving consumer demands. This remarkable performance is attributed to successful property launches and strategic sales execution, laying a solid foundation for sustained growth and profitability.
During the first quarter of 2024, Emaar Development introduced 10 new projects across various master plans, highlighting its commitment to innovation and diversification. These launches not only cater to diverse market segments but also underscore the company’s focus on delivering exceptional value and quality to its customers.
In a strategic move aimed at expanding its land portfolio and bolstering future growth prospects, Emaar Development acquired a significant land plot measuring 60 million square feet near The Oasis masterplan. This acquisition, combined with the purchase of 81 million square feet of land in December 2023 in the same vicinity, sets the stage for the development of two major projects: The Heights Country Club & Wellness and Grand Polo Club & Resort. Spanning a total of 141 million square feet, these developments carry a combined development value of AED 96 billion (US$ 26 billion), positioning Emaar Development as a leader in delivering world-class luxury living experiences.
The company’s solid financial performance is further underscored by an EBITDA of AED 1.7 billion (US$ 463 million) in Q1 2024, marking a substantial 48% increase compared to the same period last year. Additionally, Emaar Development boasts a robust sales backlog of AED 65.7 billion (US$ 17.9 billion), ensuring sustained revenue recognition in the coming years.
Mohamed Alabbar, Founder of Emaar, commented on the company’s impressive performance, stating, “Our strong results in Q1 2024 reflect our commitment to excellence and our ability to capitalize on market opportunities. With a growing sales backlog and strategic developments in the pipeline, we are well-positioned to drive growth and deliver significant value to our shareholders.”
